February 29, 2024
Australia & New Zealand Herbal Supplements Market

Australia & New Zealand Herbal Supplements Market Driven by Rising Health Consciousness

The herbal supplements market in Australia and New Zealand has witnessed significant growth in recent years owing to the rising awareness about the health benefits of herbal products. Herbal supplements contain extracts from plants that are used to assist or enhance one’s health and provide necessary nutrients. Some of the commonly used herbal extracts in supplements include turmeric, milk thistle, green tea, ginger, garlic, echinacea, resveratrol, saw palmetto, and ginkgo biloba. These supplements help address issues like digestive disorders, joint pains, stress, and cardiovascular problems. The growing health consciousness among consumers and preference for natural products over synthetic drugs have boosted the demand for herbal supplements in the region.

The global Australia and New Zealand Herbal Supplements Market is estimated to be valued at US$ 1465.12 Mn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends witnessed in the Australia and New Zealand herbal supplements market is the increasing demand for customized herbal supplements. Consumers are well aware of their health conditions and prefer supplements tailored to their individual needs and requirements. This has encouraged supplements manufacturers to offer customized products and personalized consultation services. Moreover, the rise of e-commerce platforms has provided a boost to the herbal supplements industry as consumers can easily procure customized offerings by accessing a wide range of products online. The growing digitization of the retail landscape is expected to continue shaping the market trends over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in Australia & New Zealand herbal supplements market is moderate as it requires high initial investments and established distribution channels.

Bargaining power of buyers: The bargaining power of buyers is high in this market as buyers can easily switch between various herbal supplement brands.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are numerous suppliers in this market and switching costs are low.

Threat of new substitutes: The threat of new substitutes is moderate as nutritional supplements can act as substitutes, however herbal supplements have established demand.

Competitive rivalry: The competitive rivalry is high as the market has numerous regional and global players competing on the basis of product innovations, quality, and pricing.

Key Takeaways

The Global Australia & New Zealand Herbal Supplements Market Size is expected to witness high growth over the forecast period owing to increasing health consciousness among consumers. The global Australia and New Zealand Herbal Supplements Market is estimated to be valued at US$ 1465.12 Mn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2031.

The regional analysis comprises- Australia dominates the market and is expected to maintain its dominance over the forecast period. New Zealand market is expected grow at a faster pace owing to growing consumer preference for herbal supplements.

Key players operating in the Australia & New Zealand herbal supplements market are Marathon Petroleum Corporation, HollyFrontier Corporation, REG Life Sciences LLC, Louis Dreyfus Company, Orochem Technologies Inc., Hero BX, Archer Daniels Midland, Renewable Energy Group, Valero Energy Corp., Darling Ingredients Inc., Cargill Inc., POET LLC, Green Plains Inc., Flint Hills Resources, Bunge Limited, Crimson Renewable Energy LP, Aemetis Inc., Alto Ingredients, Inc., Pacific Ethanol, Inc. and CHS Inc.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it